There is an unwritten golden rule that the wise advice everyone to follow. What is this golden rule then? That you should spend in accordance of your income that is your expense should not exceed your income.
Impossible to curb spending
Most of us do follow this but many a time we get carried away and overspend. Then at the end of the month either we need to borrow as we are short of cash even to buy some necessities.
You have tried a lot to curb such spending but you cannot make any improvement on your spending habits. This has gone on for months and now you are in debt even though your earnings are not too less.
Technology to your aid
People with lesser income than you are able to live better lives and are saving up too. So there is some flaw in your spending. For this, you need to keep track of what you are spending. Even after trying different methods, this has not been possible.
Then what is the solution for this issue at hand? The simple solution is to take the assistance of technology. Not only you but many people also face such a dilemma. These people have used some kind of software that helps them restrain their spending.
Accordingly, these can come to your aid too. Let us check what these apps are
- Level Money – after deducting the savings and the recurring expense from the income this app can let you know what is available for each day, week or month. It is a free app and links to your account and you cannot operate it manually. It operates on Android and iOS platforms.
- BillGaurd – Helps keep track of your expenses by type, location and month. Credit score access and identity protection cost $83.33 per year otherwise it is free for use. You can link it to your account. There is no manual input and available both on iOS and Android.
- Wally– you can track your input income and purchases on a lively graphic interface. Location tracking helps make the manual input simple. It is free to use but is not linked to your account. Working on iOS and android you manually input your data.
- Wallaby– credit card rewards are optimized and it lets you know which card it the best to use. It keeps track of the transactions providing a sleek list. You can know about the credit limit that you have used. This free app working on iOS and Android can be linked to your account and no manual input is allowed.
- Penny – helps keep a tab on your finances through an interface that is similar to a text message and lets you know about your spending habits. This free app works on Android and iOS and links to account and no manual input can be done.
- Mvelopes– you have the facility of account integration with this Android and iOS app which uses the envelope budgeting to let you know about your expenses and enables better debt management. This service is offered for a $95 a year. Minus this facility, you can use for free and know about how to utilize your money better.
- Goodbudget– the classical envelope budgeting theory is recreated and used in the digital form here. Make different categories and set a budget for each. Then you can then know how much to spend from each of these categories. You need to stop spending in case money runs out. Works on Android and iOS and allows manual input but no link to the account. It is free to use but for unlimited categories, you need to upgrade it with a payment of $45 per year.
- LearnVest– with a payment of $19 per month you can partner with a financial planner when using this app that works on Android and iOS. Otherwise, it is free to use. It helps categorize the transactions by the type of expenses and sets and helps track goals. You can always have net worth calculations on hand which does come in handy.
This is just a try to help you choose the best app from a list of some of the financial apps using which you can manage your finances in a better way.
Download one today and you will be surprised at the savings you make at the end of each month and also learn a lesson on how to limit yourself and stop splurging.